On Expert Council Meeting on regulation, internal audit and internal control methodology and risk management in the Bank of Russia and financial organisations

The Expert Council on the regulation, internal audit and internal control methodology and risk management in the Bank of Russia and financial organisations under the Bank of Russia sat for a meeting on July 15^th to consider the international concepts of risk management and a possibility of their employment in financial institutions of the Russian Federation. The participants to the meeting expressed their viewpoint on the sufficiency and applicability of the said risk management standards.

The members of the Council discussed and compared different concepts and aspects of their realisation for organisation and implementation of internal controls in Russian organisations, namely in the banking sector.

Based on the results of the discussion on the practical implementation of Bank of Russia Regulation No. 242-P, dated 16 December 2003, ‘On Organising Internal Controls in Credit Institutions and Banking Groups’, the Council came to the conclusion that the current requirements to organisation of banks’ internal control in general comply with advanced international and Russian experience thus enabling their effective use. However, requirements to organisation of internal controls in non-credit financial organisations need clarification.

In their discussion the Council members touched upon the issues of higher qualification and professional retraining of specialists from internal audit and internal control of financial and credit institutions and specialists of the mega-regulator.

The Council took notice of the information on the polishing of approaches to internal control inspections in credit institutions.

The next meeting of the Council will take place on 14 October 2015.

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